It’s no big secret that Sony isn’t doing quite as well as it should when it comes to money. It’s PlayStation 4 is the current console darling and is riding a huge wave of momentum, but the same can’t be said for the PlayStation Vita, or indeed just about any of Sony’s other business. They’ve sold off their VAIO PC division, TV sales are stagnant and the company is losing a bunch of cash. As is the Japanese tradition, it’s executives – including Kaz Hirai - will now be taking a huge pay cut.
According to The Wall Street Journal, Sony’s big wigs are set to slice their remuneration in half following the company’s fourth straight annual loss. they will also lose any options for bonuses. Overall, the company’s looking at a $1.27 Billion dollar loss for the financial year ending March 31, 2014
Kaz Hirai is set to outline Sony’s future and announce his and other executive’s huge pay cuts on May 22, where he’s likely to focus on the company’s current pillars of strength; games, imaging technology and mobile devices.
Hirai, former Playstation boss, became CEO of Sony in 2012 with a goal of restructuring the company as “One Sony.” Unfortunately hat’s taking a little longer than planned – with the company even looking at splitting off its TV division s a wholly owned, but separate entity.Two Sonys…I guess.
Earlier this year, Nintendo’s executives took a similar pay cut following that Japanese giant’s 3 successive years of losses – which is always nicer than just firing all the staff that actually make games.
Last Updated: May 13, 2014